Word: qatar
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...schism started a month ago at an OPEC price-setting conference in Qatar, when Saudi Oil Minister Ahmed Zaki Yamani and his allies in the Emirates refused to go along with the majority's demand for a 10% hike on Jan. 1, to be followed by a further 5% hike at midyear. The Saudis and the U.A.E. limited their increase to 5% for the full year. Thus, for the first time since OPEC began quintupling petroleum prices in late 1973, the oil cartel split into opposing camps. In order to hold down prices, the Saudis, who are OPEC...
...Indonesia has in effect failed to post the immediate 10% increase that it voted for in Qatar. Instead, the Indonesians have increased prices less than 6% on a grade of crude that accounts for more than half the country's output. The motivation seemed to be a desire not to tempt Japan-the buyer of most of Indonesia's oil-to turn to Saudi Arabia for oil. Said one official of the Mining Ministry: "What is the fun of fixing high prices if the Indonesian crude subsequently is not sold...
...Riyadh for talks with King Khalid ibn Abdul Aziz. The other oil ministers pretended to be unimpressed by Yamani's theatrics. Said Iraq's oil minister, Karim: "It is a big game that he always plays." When word came that Yamani was returning to the conference. Qatar's minister of finance and petroleum, Abdul-Aziz Bin Khalifa Al−Thani, went to the airport to accord him a proper protocol. "I am going to meet the big star," he smilingly told reporters...
...higher-priced OPEC states. All in all. Yamani seems to have touched off a classic capitalist price war. That is scarcely what cartels are supposed to do. and OPEC least of all; its increases were once heralded as the start of a "new economic order." But that was before Qatar turned out to be Splitsville...
...Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq. Kuwait, Libya, Nigeria, Qatar, Saudi Arabia. United Arab Emirates, Venezuela...